In Memphis, TN, more than half of the population rent their homes. If you’re one of the many landlords in the city, you know how important these properties are to the community. But running these properties can be extremely difficult if you lack experience, or if you have a large portfolio. You could find yourself worn down by the pressure. Or you may lack the time and energy to manage them with the greatest efficiency. Let’s learn about 12 reasons Memphis property management services can help you get the most from your properties.
Keep reading for everything you need to know!
1. Maintenance Services
Simple maintenance can be a huge drain on a landlord’s time. Small, niggly jobs like broken faucets or leaking showers can require many visits to a property. Or big problems like termites or mold can cause months to fix.
From taking maintenance requests to arranging the jobs, we’ll handle the whole process. Although you’ll still be able to make decisions on what kind of maintenance we should be doing, we handle everything on your behalf.
This is an especially valuable service for those who own multiple properties. The time savings you’ll make can be significant. We can also help to preserve the value of your property with pre-emptive maintenance and inspections.
We work with a range of professionals to ensure your properties are kept in top condition. We use our knowledge of local tradespeople and services to ensure we get things done quickly and at a low cost to you. From plumbers to gardeners, we’ve got you covered.
2. Administrative Services
Running property units can generate a surprising amount of paperwork. There are all kinds of administration involved, from dealing with local and state authorities to keeping track of your finances and accounts. This can easily get on top of you, weighing you down and distracting you from more important tasks.
We help you to wade through this small mountain of paperwork. There’s no need for you to waste your time on lots of tedious admins when you can rely on us to do everything for you.
We also know how to navigate some of these complex issues. We can help you to avoid any of the common mistakes that are easy to make when filling out the forms. This will help to increase efficiency and avoid potential problems.
3. Save Money
Making use of a property management company can save you money over the long term. Although there is a fee associated with using property management companies, the fee may be lower than you expect. And in time, you might find you’re saving enough money to cover the property management fees and more!
A good property management company can come up with ways to do things more efficiently. They will advise on the best ways to increase revenue and slash costs. From choosing a better value maintenance contractor to upping the rent, there are so many ways these experienced professionals can help you.
By allowing yourself more time to focus on other projects, you can increase your overall earning potential. You can be working at your day job or focusing on acquiring new properties while we deal with the property. That’s a great way for you to make the most of your time.
4. Get Marketing Help
In many cases, apartments sell themselves. But sometimes, a little extra marketing might be required. Many landlords aren’t sure about the best way to market their properties to prospective tenants.
We can help you promote your rental properties in the right spaces. This can allow you to get a stronger pool of tenants to choose from and even help you increase prices in the long run.
Whether you want to advertise your properties online or take out a newspaper ad, we can help. We’ll help you arrange the ads, then take calls from prospective tenants.
Remember, Memphis has a highly competitive property market. Tenants have lots of options for places to live, so any extra edge can do you the world of good.
5. Reduce Your Stress Levels
Considering the many responsibilities of being a landlord, it’s no surprise that this is a highly stressful job. From tenant complaints to maintenance headaches, there is so much that can occupy your mind.
Excessive stress can cause many landlords to take their work home with them. They might struggle to enjoy spending time with friends or family, especially when they know the phone could ring at any moment, forcing them to dash out and deal with some urgent issue.
Delegating the task of managing your property can allow you to relax. You’ll feel healthier and happier. And lower stress levels mean you’ll be able to give better focus to your other business ventures.
When you know your property is in safe hands, you can sit back and relax. By working with Reedy & Company, you know your investment is secure. We handle everything for you while keeping you updated on how things are going.
6. Help Making Decisions
There are a lot of choices a landlord has to make. For example, should rent be increased after a certain amount of time? Should pets be allowed into the building and should you charge a pet deposit?
You might worry about making a mistake. After all, property is a big investment, so slipping up could be costly.
Property management services can help you make the right decision for your business. By giving you advice on how to make the best decisions for your property, we can reduce stress and increase your profits.
We can advise you on decisions like:
- When to increase rent
- How to deal with problem tenants
- When to upgrade a property
- Designing a maintenance schedule
- Choosing the right contractors
Remember, just because you’re allowing a property management company to run your premises, that doesn’t mean you’re losing control. You still get to make all the relevant decisions about your properties. But we’re here to talk things over with you and give you the benefit of our experience to help you make the right choices.
7. Maximize Your Profits
As a landlord, your primary goal should be making a healthy profit. But pulling in money isn’t always as easy as it seems. Sometimes circumstances conspire to make your costs rise beyond your control, or the revenue doesn’t flow in as you expect.
By reducing costs and improving revenue streams, you can get the most bang for your buck. In time, you might find that the increase in profits more than makes up for the small amount you’re paying for property management services.
As the old saying goes, knowledge is power. With the help of our detailed understanding of the local property market, you can streamline your operation and start pulling in more money.
8. Expand Your Portfolio
It’s hard to manage a property if you’re located far away. After all, it wouldn’t be very convenient to respond to maintenance requests if you’re living thousands of miles away. But working with a local property management company removes this problem entirely, allowing you to invest further afield.
When you work with us, there’s no need for you to live close to your properties. You can live in Hawaii or Hungary while we handle the day-to-day business of property management. We’ll communicate with you via email or phone to let you know how everything is going and take instructions if necessary.
Expanding your property portfolio across different geographic areas is highly beneficial. Property investing across different cities and states can help you to diversify your investment, making it more resistant to economic shocks. Luckily, you don’t have to live in Memphis to invest in Memphis real estate!
9. Add Creative Flair
A touch of creativity can help you to get ahead as a landlord. Thinking about new ways to do things or different ways of improving efficiency is highly recommended.
For example, could you use a different maintenance provider? Is there a new way you could appeal to clients? It pays to think of fresh new ideas that might improve things for you and your tenants.
We’ll work with you to come up with new ideas. Our years of experience mean that we are always full of ideas about how to improve the way your property is managed.
Having a second set of eyes on the way you run your property can help you to improve things. New ideas can allow you to make more money or to keep tenants happy.
10. Help Avoid Problem Tenants
It’s a sad fact of life that landlords will sometimes encounter problem tenants. From those who deliberately withhold rent, to tenants who damage your property, this can cause a major headache. Landlords who lack experience in dealing with these issues may not know what to do.
A good property management company can help to screen out potential problem tenants before they arrive. We will conduct background checks and interviews to ensure prospective tenants are right for your property. This will increase the chance of them paying the rent on time.
If problem tenants do slip through the net, we can help you to deal with them. From collecting overdue rent to initiating eviction proceedings, we do it all. Sit back and relax while we get the building cleared, then find new tenants to occupy the space quickly.
11. Get Expertise on Your Side
When you work with a property management company, you’ll get the benefit of experience. There are all kinds of challenges you might face in this business, but when you have experience on your side, you’ll be better placed to leap over these hurdles.
Let’s say you face a problem you’re never encountered before, like a tenant sneaking pets into the building without paying a pet deposit. You might not know how to proceed and you could make a misstep as a result. But we’ve dealt with all these problems many times before, so can advise you on the best course of action or deal with the issue ourselves.
Here at Reedy & Company, we’ve been in business for over 20 years, with a long list of satisfied clients. But we have over 40 years of property management experience in all, and when you work with us, we’ll share it with you.
12. Better Communication
Good communication is the cornerstone of any business. But when you’re running properties, it can be difficult to communicate well with all your tenants. You may also need to keep open channels of communication with contractors and other people involved in your business.
When you work with a property manager, you don’t have to worry about communicating with dozens of people. We’ll handle the daily calls and emails from tenants.
Meanwhile, we’re always on hand to answer any questions you might have or keep you updated on the situation with your properties. We’re always just an email or a phone call away.
Get Peace of Mind With Quality Memphis Property Management
Working with a quality Memphis property management company can help you take your business to the next level. Benefitting from the expertise and skills our company offers can only be a good thing for you.
Quality services are just a click away. We pride ourselves on making our clients happy and providing an efficient service. When you begin working with us, you’ll soon find out why we’re considered the best property management company in the city.
We’re happy to talk with you about your needs. Contact us today to find out more about how we can help you.